A sure way of creating wealth is through starting a business. Many entrepreneurs have gotten into immense wealth by simply starting a business. The major challenge is that most people draw up business plans but they do not execute. Most unlearned people start businesses while a lot of professional people are crippled by “analysis paralysis.” The best way to start a business is to pursue a real need that fulfils you as a person. Once you perceive a market need and you work at solving the need profitably – then you have a business. Let me invite you into my counseling room and give you a scenario I encountered recently which best encapsulates the issue of starting a business. I have deliberately changed a few details to protect the privacy and confidentiality of people involved.
Rosemary came to see me after a seminar on investments inquiring on how to create wealth. She was a middle aged married lady who worked for a government department. She had trained earlier as an educator. She has lots of time on her hands. Rose loves sewing and has trained in all aspects of the industry. She dresses herself and most of her friends for the love of it. People admire her dressing and always comment about her taste. What the public does not know is that most of her costumes are not designer clothes but she makes them for herself.
While she was still an educator Rose wanted to start a dress making college but failed. In that process she acquired a number of professional sewing machines. As a former educator she tried linking with professional colleges whereby she would offer dressing making and design cutting courses but was turned down. She was now distraught as she could not see how to create wealth. She did not realize that she already had a skill and the machinery to start a business.
In our discussion I then re-directed her to move away from thinking as an educator who wants to start a college to thinking about using her sewing machines to start a sewing factory. She would start with the current machines from her home which reduces rental costs and hire a few people she would train. She would do the design and cutting herself. The product could initially be placed in either a flea market or a boutique. So without much costs she could start her own business.
Rose has since started her business with no significant outlay of capital apart from the purchase of material. She is now, on her way to own a clothes manufacturing factory and a boutique. Her path to wealth creation is already set. All she needed was to use what was already in her hands namely her skill, her passion and the machines she had acquired earlier.
Many people want to have lots of capital before they can start a business. It does not take money to start a business – at least not lots of money. I know a young man that I am acquainted with who has started a manufacturing business by outsourcing the manufacturing of his product without much money. Little by little this young man is gaining ground. He refused to give excuses and decided to start. He was inspired by the following quote:
“You cannot build a reputation or business on what you are going to do — on an intention. Great reputations or businesses are built on things you have done or are doing and not what
you are planning to do. You have planned long enough — now dive into it!” Dr T. A.
Another young man I know has started an urban agro-business and is expanding himself. You see he has discovered that you do not build a business rather a business builds you as it challenges the core of who you are and what you can do.
The question is what is in your hand right now that you could leverage? An idea, a skill, a hobby or even some equipment lying idle in your own house. Lift up your eyes and intentionally assess your skill sets. The Bible says God gives us the ability and skill to create wealth. You have the skill. Go for it. What are you waiting for?
In the next posting we will discuss the issue of buying businesses.